Defi Project Rari Capital Hacked for $10M in Ether, Project’s Pool Drained for 2,600 ETH – News Bitcoin News

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Reports from the decentralized finance project Rari Capital detail that the protocol’s ethereum pool has experienced a recent exploit. Rari Capital says they are assessing the situation and the team removed funds from the recent Alpha Finance Lab integration. At first, the project’s team revealed they were assessing the hack, but later estimates assume the project lost $10 million to the hacker.

Rari Capital Drained for 2,600 Ether, Hacker Taunts Project

There has been no shortage of defi hacks at the end of 2020 and into 2021, as a myriad of projects has seen funds drained from a wide range of vulnerabilities. Now it seems the Rari Capital project lost $10 million from a malicious hacker who gained access to an exploit in the ethereum (ETH) pool.

Essentially, Rari Capital is a Web3 defi tool that allows people to deposit crypto assets and rebalance them into the “highest-yielding stable opportunities.” The protocol builds a “lego effect” of defi apps and claims the platform provides “never-before-seen high yields from a risk-averse mechanism.”

On May 8, 2021, Rari tweeted that an exploit was manipulated, and “the rebalancer has removed all funds from Alpha in response.”…

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